Strong Job Market & Economy Buoy Outlook of Metro Atlanta Homebuilders
A strong job market and a healthy local economy continue to buoy the outlook of homebuilders throughout metro Atlanta and the State of Georgia.
Although metro Atlanta residential home builders are excited about overall economic growth, they also increasingly face the prospect of supply issues such as labor market shortages and the increasing costs of land and home building materials.
The metro Atlanta housing market remains strong overall, and the healthy rate of home purchases has been fueled by historically low home mortgage rates. However, many economists believe it's likely that the Federal Reserve wil grow more aggressive with interest rate hikes this year in order to keep inflation under control, potentially making new home purchases more expensive throughout the Atlanta area.
Average home mortgage rates across Georgia jumped this week to their highest levels in nearly four years, a sign that the prospect of higher inflation is steadily increasing the cost of borrowing for metro Atlanta home buyers.
Home mortgage buyer Freddie Mac reported this week that the average 30 year, fixed rate on home mortgages rose to 4.38 percent, the highest average mortgage rate in almost four years.
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.